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Eagle Bancorp Montana Inc. (EBMT-3.14%) has submitted its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The company's total assets increased to $2.10 billion, up from $2.08 billion at the end of 2023. This growth was primarily driven by an increase in loans receivable, net, which rose by $35.75 million to $1.50 billion.
Eagle Bancorp reported a net income of $9.78 million for the year, a slight decrease from $10.06 million in 2023. The decrease in net income was attributed to a reduction in noninterest income, which fell by $4.94 million.
Net interest income increased to $63.44 million, up from $62.48 million in the prior year. This was due to a $12.59 million increase in interest and dividend income, offset by an $11.63 million increase in interest expense.
The company's provision for credit losses was $518,000, down from $1.46 million in the previous year. This decrease reflects an improvement in the credit quality of the loan portfolio.
Total deposits increased by $46.03 million to $1.68 billion, with core deposits making up 73.7% of total deposits. The increase was primarily in certificates of deposit, which rose by $18.49 million.
Eagle Bancorp's total shareholders' equity increased by $5.50 million, reaching $174.77 million at year-end. This increase was mainly due to net income and was partially offset by dividends paid.
The company continues to focus on its growth strategy, which includes organic growth and opportunistic acquisitions. The acquisition of First Community Bancorp, Inc. in 2022 contributed significantly to its market presence in Montana.
The company reported a material weakness in its internal control over financial reporting related to the classification of borrowings in the statement of cash flows. Management is implementing measures to remediate this issue.
Eagle Bancorp's board of directors authorized the repurchase of up to 400,000 shares of its common stock, with 25,000 shares repurchased during the year at an average price of $16.74 per share.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Eagle Bancorp Montana Inc. annual 10-K report dated March 14, 2025. To report an error, please email earnings@qz.com.